Shares in marine shipping services had managed to rally despite many of these firms suffering losses during the first half of the year, said Le Anh Thi, director of analysis and consultancy at Au Viet Securities Co, in a recent report.

Some shipping shares had managed to outpace the market in the past month, Thi said. While the VN-Index gained around 10 per cent during the month to September 11, Dong Do Marine (DDM) jumped about 25 per cent, Vitranschart (VST) advanced 20 per cent, and Vinaship (VNA) rose approximately 12 per cent.

Shares of petroleum transport firms such as VIPCO (VIP) and Viet Nam Tanker (VTO), which had slumped sharply in the recession despite positive business results, also had begun to recapture investor interest, Thi said.

VIPCO’s profits in the first eight months of this year reached VND80 billion (US$4.5 million), representing 91 per cent of the year’s target and generating earnings-per-share (EPS) over the last four quarters of VND1,500, and a price-to-earnings (P/E) ratio of 13.6x, both figures worthy of consideration, he added.

The global economic recovery would further stimulate demand for marine shipping services, he said.

Some firms, however, were liquidating vessels to meet this year’s profit targets, he said. For instance, Vitranschart has prepared to sell two vessels, expecting to get $4.5 million, while DDM and Marina Ha Noi (MHC) were also expected to gain millions of dollars through sales of depreciated vessels.

This was not completely a bad sign, Thi explained, as these firms had bought and were buying new vessels as substitutions.

"Such sales this year could also help improve 2009 profits and generate money flows, while prospects of recovery in 2010 will be clearer and profits more assured," he added.

Many companies had anticipated difficulties in 2009 and developed other areas to help improve their profit pictures this year, he said. ShinPetrol (VSP) had sold its stake in the Nam Viet Petrochemical Refinery Joint Stock Co, gaining VND51 billion ($2.86 million), while VIPCO planned to put the VIPCOM office building - with 10,000sq.m for lease - into operation soon.